(Bloomberg) -- Activist investor Mantle Ridge has built a 20% stake in food and facilities management company Aramark and plans to push for changes at the company.

The New York-based fund, which is run by Paul Hilal, said in a regulatory filing Friday it has built a stake in the company in stock and options. The firm said it planned to hold talks with the company about its strategic direction, governance, board and management composition, among other matters.

Mantle Ridge did not say it planned to make a bid for the company. Any takeover action by the fund would have to be disclosed in the filing under U.S. Securities and Exchange Commission rules.

Jonathan Gasthalter, a spokesman for Mantle Ridge, declined to comment. A representative for Aramark could not immediately be reached for comment.

Shares in Philadelphia-based Aramark have fallen about 9% over the past 12 months, according to data complied by Bloomberg. Its shares rose about 3.9% in aftermarket trading. The company has a market value of roughly $9.2 billion.

Hilal worked for years with billionaire hedge fund manager Bill Ackman before starting Mantle Ridge in 2016. While at Ackman’s Pershing Square Capital Management, Hilal was instrumental in several investments, including Pershing Square’s successful proxy fight at Canadian Pacific Railway Ltd.

In 2017, Mantle Ridge led a campaign at U.S. railroad CSX Corp. that saw industry veteran Hunter Harrison installed as Chief Executive Officer before he passed away later that year. Nevertheless, shares in CSX have seen a total return of about 77% since Mantle Ridge disclosed its position in January 2017, according to data compiled by Bloomberg.

To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.net

To contact the editor responsible for this story: Liana Baker at lbaker75@bloomberg.net

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